US corn futures on the Chicago Board of Trade sank to a seven-week low on Friday as favourable weather for pollination and a big drop in soybeans weighed on prices, traders said. Corn prices have fallen nearly 20 percent since making a record top above $8 in the June 2009 contract on June 27.
September ended 21-3/4 cents lower at $6.09-1/2 a bushel, sliding below its 100-day moving average of $6.33. New-crop December closed 21-1/2 cents weaker at 6.28-1/2 and July 2009 settled 21-1/2 down at $6.67.
Soybeans also saw a big sell-off, spurred by Argentina repealing its soy export tax hike. The move was expected to increase farmer soy sales and export trade which has been paralyzed for four months due to the controversial tax. Estimated volume was moderate in futures at 260,549 contracts. Option trade was hefty estimated at 116,875 lots.